The Nigerian Exchange has implemented the change of UACN Property Development Company Plc company name to UPDC Plc.
Similarly, the company’s trading symbol has been changed from UACP-PROP to UPDC.
The change implementation is in line with the special resolution passed by the company’s shareholders dated 21 April 2021. The company has also received regulatory approval from the Corporate Affairs Commission.
The share price of UPDC closed at N1.21 on Friday, it remains unchanged on the floor of the Exchange at the time of writing this report.
UPDC has 18,559,969,936 outstanding shares and a market capitalization of N22.46 billion.
Recall that in 2020, UAC of Nigeria Plc entered into a binding agreement to sell 51% of its shareholding in UPDC Plc to Custodian Investment Plc.
In May, Custodian Investment Plc (NGX – CUSTODIAN) announced mandatory takeover offer to the minority shareholders of UPDC Plc.
The Securities and Exchange Commission (SEC) in a letter dated 18th May 2021, gave CUSTODIAN the approval to make the offer.
Custodian Investment Plc purchased up to 34,415,332 (Thirty-four million, four hundred and fifteen thousand, three hundred and thirty-two) ordinary shares of 50kobo each at a price of 90 kobo per share.
About UPDC Plc
UPDC Plc and its subsidiaries (together ‘the Group’) is a company incorporated in Nigeria. The Group has business with activities in the following principal sectors: real estate and hotel management. The address of the registered office is 1-5 Odunlami Street, Lagos. The company is a public limited company and is listed on the Nigerian Exchange.
UPDC’s current portfolio includes residential and commercial properties in Lagos (Cameron Green, Ikoyi; Metro Gardens, Lekki; Grandville, GRA – Ikeja; KPMG Towers, VI etc.), Abuja (Salatu Royal Estate, Wuse II; Emerald Court, Apo; Metro City, Apo; SEC Office, CBD etc.) and Port Harcourt (Vintage Gardens, NAFF Estate).
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.